The price action of #Bitcoin points to an expected liquidity of US$117,500, while a record open interest raises warnings of froth in the cryptocurrency market.

As traders observed over US$500 million in liquidations among cryptocurrencies in the last 24 hours, new sell liquidity was being added closer to the spot price.

Some analysts began to see the potential for a deeper price drop for BTC down to US$113,000 thanks to the presence of a significant Fibonacci retracement level.